At what rate should the Imported Asset be capitalized in books. In my opinion the same should be done @ bill of entry date. But is there any alternate opinion.

Thanks & Regards

Dear Friends / Experts,


I have the following query :


In the Balance Sheet of 'A',

Account Head - Advance from Clients having balance of Rs.54000/-. (Say X - 12000,
Y - 12000, Z - 30000)


Actually, there is no Advance from Clients.

Query :

How do I pass necessary Journal Entry to remove the Advance from Clients or give proper effect for the same ?


Ans : ..............

I shall wait for the views.

Thanks.

fixed assets write off upto 100% (Rs.5000/-)then it will be shown in gross block or not? what is accounting standard for it.

Please Provide Depreciation rate for following items under companies act

1.Plant & machinery 2.Office Equipment
3.Computer 4.Motor Vehichle 5. Electrical Fittings

Also advise whether depreciation to be provided for Assets used less than 6 months in PY

In the given situation what rate should be taken for closing stock valuation on 31st March which is the FY ending date.
1-Import of Raw material @ rate on 15th Jan USD- 46.00
2- Payment date @ rate USD-50.00 on 15th February.
Thanks & Regards

We had a AC whose WDV as on 30.04.2010 was 10000 and in exchange for the old one we purchased a new ac for 18000 and we made the dealer payment of Rs 8000. Please explain how will be the entry passed.

Thanks

Hi
Next week i will join in a new bread and cake distribution company. The company make products their own factory and distribute their own depot located in different places. I will join one of the depot. My doubt is how to enter into Tally purchase of goods and inventory and input Tax. But it is not a purchase. Please tell me any one with journal Entry also. Thanks in advance.

A company construct temple in campus. what is the accounting for the same. whether it will treated as Fixed asset or Revenue expenditure

If it treated as fixed assets then it is not cover under the defination of fixed assets. according to AS 10 fixed assets means a assets which is kept in business for providing services of manufacturing activity.

Dear sir,

Please suggest how to do accounting of commodity future and mcx future transactions. like jeera, gold, silver etc.

Dear Experts,

Could you please explain how to account for below mentioned transaction:
A machinery for Rs. 500000/- was purchased and installed on 01-04-2008. Depreciation charged on straight line basis @ 20% for the period April 2008 to March 2011. Out of Rs. 500000/-, only 350000/- was paid as final settlement, since the machinery supplied was not performing as per standards set. Now our auditors asked us to revert back the amount of Rs. 150000/- standing to the credit of vendor account. The ledger account balance as on March 2011 was as follows:
Machinery A/c: 500000
Accumulated depreciation A/c: 300000
Vendor A/c: 150000

Thank you.
- Rahul